Starting Your Own Business

Starting your own business is not an easy task, particularly in a given society such as ours. It can be pretty challenging, tasking and needing focus. However, being your own boss in a society such as ours again is the best thing that can happen to an average Nigerian. Get ready, it’s going to be a bumpy ride.

I gathered the following tips from sources plus experience working with an individual just starting out. These tips have reviewed and I believe could help you a great deal in stating out.

 

  • Discovery of the self.

Is that idea good? Have you consider and evaluate your idea if it solves a problem? In a society like ours, just look out of your office window, or you’re driving by, searching around, you’d observe in one event or the other, you’ll find that there is always problem to be solved. If you believe you have that idea that could solve that inherent problem. Then you’re good to go.

However, you must be confident, resilient and exhibiting the traits of an achiever.

  • Evaluate your idea

You came up with an idea, evaluate that idea, figure out how to carry out that idea, what it would take; the cost, and the end profits, it’s plausibility and the pros and cons.

However, you must be ready to overcome impossible blocks that may come your way. Avoid negative influence that come from the self or outside the self.

  • Write a business plan

Here we go, we’re progressing. Get a solid, good and cogent business plan that will guide you. A good documented business plan attracts the attention of a potential investor. Your business plan should include a mission statement, a company summary, an executive summary, a service or product offerings, a description of a target market, financial projections and the cost of the operation.1

  • Identify your market

There is more work to do; assess the market, discover your targets, your customers/clients. Perform a competitive assessment. Look into other similar or close to similar markets and potential competitors.

  • Determine the cost.

Who is he that wants to build a house and does not determine the cost before setting out. Such an individual might just get stuck midway to finishing. Do more research on the cost to getting started. Not only will this help you manage your business more effectively, investors will want to know this.

 

At this point, if you’re going solo, a sole proprietorship business, you just skip some of the parts where you need investors or your business can start generally as you already have resource you can take from, just find individuals that shares the same ideal with you and start out, get more and form a team.

 

On the other hand, you need capital, and you not going to be on your own on this, establish a budget, figure out how much money, you’ll need to develop your product or services and create a marketing plan. Next, find a reliable investor, who shares the same ideals and passion with you, someone you can work with. Meet with them, discuss and share ideas, make yourself convincing, be confident and positive.

To be continue…

 

Ibukun

1 Source: http://www.entrepreneur.com/article/235903

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